NYSE Owner Gets on Board With Crypto-Powered Revamp of Trading

Soegeefx AppsCrypto MarketNYSE Owner Gets on Board With Crypto-Powered Revamp of Trading

TZero’s mission to remake U.S. stock trading into a blockchain-powered business just got a prominent new ally: the owner of the New York Stock Exchange.

Intercontinental Exchange Inc., NYSE’s parent, has purchased a stake in tZero, according to a Tuesday statement. ICE Chief Strategy Officer David Goone will become tZero’s new chief executive officer next month.

TZero runs a trading system — which uses blockchain technology, the ledger that underpins cryptocurrencies — where corporations can choose to list digital versions of their stocks. Only a handfulof companies have done so, including Overstock.com.Inc., an original investor in tZero.

Besides persuading companies that’s worth the effort, tZero must navigate the plumbing — set up roughly half a century ago — through which stock trades are cleared and settled in the U.S. stock market. That means dealing with stalwarts like Depository Trust & Clearing Corp., which processes all U.S. equity trades.

That’s familiar territory for Goone, the new tZero CEO. He’s ICE’s representative on the board of DTCC.

“I look forward to bringing my three decades of product innovation and strategic experience forged in the exchange and derivatives trading industry to drive continued growth and operational excellence at tZero,” Goone said in prepared remarks.

The worlds of equities and crypto trading are moving closer. The New York Stock Exchange recently filed with the U.S. Patent and Trademark Office, indicating a potential move into becoming a market place for crytocurrencies and NFTs. Meanwhile, cryptoexchanges such as FTX US and Bitstamp USA are eyeing offering equities trading.

Source: Bloomberg

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